Tom Easton of the Economist and Virginia Postrel of Bloomberg split the $50,000 award for the Bastiat Prize for Journalism, which was awarded Wednesday night at a dinner in New York.

Mr. Easton won in part for an Economist piece headlined Bamboo Capitalism. It concluded, "Too many people—not just third-world dictators but Western business tycoons—have fallen for the Beijing consensus, the idea that state-directed capitalism and tight political control are the elixir of growth. In fact China has surged forward mainly where the state has stood back. 'Capitalism with Chinese characteristics' works because of the capitalism, not the characteristics."

Tom Easton of the Economist and Virginia Postrel of Bloomberg split the $50,000 award for the Bastiat Prize for Journalism, which was awarded Wednesday night at a dinner in New York.

Mr. Easton won in part for an Economist piece headlined Bamboo Capitalism. It concluded, "Too many people—not just third-world dictators but Western business tycoons—have fallen for the Beijing consensus, the idea that state-directed capitalism and tight political control are the elixir of growth. In fact China has surged forward mainly where the state has stood back. 'Capitalism with Chinese characteristics' works because of the capitalism, not the characteristics."